Copper postpones the negativity – Analysis – 25-5-2017

Copper price still stable above the moving average 55 that forms initial support at 2.5300, to postpone the negative attempts for now, while the price might be forced to test 2.6200 resistance until gathering the negative momentum followed by renewing the negative attack to break the initial support followed by managing to reach the waited negative targets at 2.4800 and 2.4000.

The consolidation of stochastic within the overbought areas supports the intraday sideways fluctuation, to renew the positive pressure on the current trading, which increases the chances of the price move towards the mentioned resistance.

Expected trading range for today is between 2.6200 and 2.4800

Expected trend for today: Fluctuated within the bearish range